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Market Analysis - 05.12.2020

We provide key support and resistance levels for the following futures products daily:

Crude Oil (/CL)

S&P 500 (/ES)

NASDAQ (/NQ)

Natural Gas (/NG)

Euro (/6E)

British Pound (/6B)

CRUDE OIL


Key Support Levels:

23.41

24

24.90

25 - GEX

25.49


Key Resistance Levels:

26.75

30 - GEX


Auction Profile:

Range bound


/CL futures are trading above the previous value area again this morning, right at resistance around 25.49. This level was strongly rejected yesterday, but price refused to make a lower low compared to Friday. This is bullish and continues to be in favor of upside movement.

S&P 500


Key Support Levels:

2750.25

2810.50

2846.75

2883.50

2925 - GEX


Key Resistance Levels:

2940 - GEX

2945.75


Auction Profile:

Range bound


/ES futures are trading within the previous value area after consolidating within a wide range between 2890 and 2940. Support remains strong around 2883.50 with strong resistance at 2945.75, as well. Most likely scenario is for contracts to remain in this range today, barring any significant news event.

NATURAL GAS


Key Support Levels:

1.70 - GEX

1.719

1.757

1.831


Key Resistance Levels:

1.86

1.912

1.971

2 - GEX

2.016


Auction Profile:

Down auction


/NG futures are trading back within the previous value area in a narrow range again today. Once more, there is little conviction from buyers and sellers. Watch for a breakout in either direction as volume increases in the market.